A consortium by City Development Limited and TID Residential came in top bid for a executive condo site at Sumang Walk. There a total of 17 bidder for this highly contested site. CDL submitted a top bid of $509.37 million or $583 psf ppr. Analyst expected the break even price to be about $1,000psf ppr.
Second on the bid was Qingjian Realty and Yanlord Singapore who submitted a bid of $486 million and $450 million respectively.
This Sumang Residences EC could potential build about 820 units that span over 17 storey high with plot ratio at 3.0.
Other than nearby amenities like Waterway @ Punggol, Punggol Plaza, Seletar Mall, residents here at Sumang Residences could also enjoy a riverfront living where residents here can jog or cycle along park connector.
With the lack of new executive condo on the market, the demand for this development likely is expected to be positive.